May 2024 Housing Market Update
The Bank of Canada's recent decision to lower interest rates by 25 basis points is expected to breathe some life into the market, making borrowing a bit easier and potentially drawing in more buyers. Greater Vancouver had the fewest sales in May since 2000, except for the pandemic-affected May of 2020, so this may be the good new buyers have been waiting for. There is a lot of “stale” inventory on the market that is starting to pile up making potential good deals for buyers willing to buy those homes that have been sitting on the market.
Home prices have stayed fairly flat since the summer of 2022, reflecting a more balanced market with only minor changes in some neighborhoods where demand remains strong and inventory is tight. Sellers are becoming more realistic with their pricing, leading to fewer bidding wars and a smoother buying process. As we head into the summer months, everyone is keeping an eye on the Bank of Canada as we have another rate announcement July 24th. If rates drop again it may fuel a late summer activity in the housing market.
Vancouver: Sales +1.1% | New Listings -13.4% | Prices +0.02%
North Vancouver: Sales -1.6% | New Listings -11.8% | Prices +1.38%
Feel free to reach out if you want to connect with me! 778-951-5853
If you’d like to see the sold homes in your area please reach out and I will send a curated list of sold homes for you!
Luke Annunziello | Vancouver Realtor
About Luke
Luke is a real estate professional with a distinguished career as a realtor since 2019, specializing in the Greater Vancouver market. His expertise extends beyond traditional real estate services, as he possesses a comprehensive understanding of property renovations, accumulated over a period of seven years. Clients appreciate Luke for his friendly nature and ability to establish rapport, making complex transactions more accessible.
Luke is a part of the esteemed Saretsky group which is part of the top 1% of all realtors in Vancouver. This affiliation with the Saretsky group translates into a range of benefits for his clients. From market expertise and extensive networks to enhanced marketing capabilities and exclusive opportunities, Luke can provide a superior level of service and results for those seeking assistance in the competitive Vancouver real estate market.
When not doing real estate transactions you can find him playing hockey, snowboarding on the mountains or spending time with his wife and daughter. Whether navigating the dynamic Vancouver market or incorporating renovation insights into property dealings, Luke stands as a reliable and professional ally, ensuring a seamless and positive experience for his clientele.
Whether you're looking to buy or sell a property in North Vancouver or elsewhere in Vancouver, Luke is the agent you can trust to guide you through the process and achieve your goals.
